Tuesday, July 20, 2010

Basic Short Sale Package

All of the documentation needed to start a short sale is commonly called a "Short Sale Package" and is usually submitted by the investor interested in the property, the agent representing the seller, or the seller of the property. The package usually includes the following items:

Sample Short Sale Package (items may vary depending upon the lender):

Cover Letter
Authorization to Release Information
Sellers Hardship Letter
Seller's Financial information
2 years w2's
2 months pay stubs
2 months bank statements
Supporting Hardship Info - HOA liens, medical/disability statements etc.
Repair Estimate for the property
Comparable sales for the property
Contract
Net Sheet
First mortgage holder may ask for a payoff amount from the 2nd
Second mortgage holder may ask for a payoff amount from the 1st
Lender may ask for an Initial Title Report
FHA and VA may have their own forms and special requirements as well
http://makinghomeaffordable.gov/